DDM Analysis: 601226.SS

Valuation Snapshot

Stable Growth	$0.79 - $1.14	$0.96
Multi-Stage	$1.09 - $1.19	$1.14
Blended Fair Value	$1.05
Current Price	$7.18
Upside	-85.38%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.67%	-3.06%	0.03	0.11	0.09	0.04	0.04	0.03	0.03	0.02	0.12	0.15
YoY Growth	-	-	-75.14%	14.27%	164.93%	-16.26%	24.90%	26.59%	44.70%	-84.53%	-19.55%	308.71%
Dividend Yield	-	-	0.41%	1.77%	1.19%	0.60%	1.00%	0.89%	0.46%	0.37%	1.53%	1.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	127.64
(-) Cash Dividends Paid (M)	0.19
(=) Cash Retained (M)	127.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.53	15.96	9.57
Cash Retained (M)	127.46	127.46	127.46
(-) Cash Required (M)	-25.53	-15.96	-9.57
(=) Excess Retained (M)	101.93	111.50	117.88
(/) Shares Outstanding (M)	1,164.79	1,164.79	1,164.79
(=) Excess Retained per Share	0.09	0.10	0.10
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.09	0.10	0.10
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-1.00%	0.00%	1.00%
Fair Value	$0.79	$0.96	$1.14
Upside / Downside	-89.00%	-86.63%	-84.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	127.64	127.64	127.64	127.64	127.64	127.63	131.46
Payout Ratio	0.15%	18.12%	36.09%	54.06%	72.03%	90.00%	92.50%
Projected Dividends (M)	0.19	23.12	46.06	69.00	91.94	114.87	121.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-1.00%	0.00%	1.00%
Year 1 PV (M)	20.82	21.03	21.24
Year 2 PV (M)	37.32	38.08	38.84
Year 3 PV (M)	50.32	51.86	53.43
Year 4 PV (M)	60.35	62.83	65.38
Year 5 PV (M)	67.87	71.37	75.01
PV of Terminal Value (M)	1,028.60	1,081.61	1,136.78
Equity Value (M)	1,265.28	1,326.77	1,390.68
Shares Outstanding (M)	1,164.79	1,164.79	1,164.79
Fair Value	$1.09	$1.14	$1.19
Upside / Downside	-84.87%	-84.14%	-83.37%

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Huadian Heavy Industries Co., Ltd. (601226.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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